Amazon Inc. forecast Thursday that current-quarter sales will fall short of Wall Street projections, due to a pause in discretionary spending by customers due to economic uncertainties and stiff competition in its cloud business.
The actions of the company they fell 5% in regular after-hours trading after it also reported a net loss on its investment in automaker Rivian.
The world’s largest online retailer projected net sales of between $116 billion and $121 billion for the second quarter. Analysts had expected $125.48 billion, according to IBES data from Refinitiv.
Net sales reached $116.4 billion in the first quarter, compared with analyst expectations of $116.3 billion, according to data from IBES from Refinitiv.
The net loss was $3.8 billion, or $7.56 a share, compared with a profit of $8.1 billion, or $15.79 a share, a year earlier.
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